Received: from mta8.cpro20.com ([216.24.226.8]:49443) by stodi.digitalkingdom.org with esmtps (TLSv1.2:ECDHE-RSA-AES256-GCM-SHA384:256) (Exim 4.92) (envelope-from ) id 1jeTtm-0002Zb-60 for lojban@lojban.org; Thu, 28 May 2020 18:33:28 -0700 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; s=key1; d=cpro20.com; h=List-Unsubscribe:Message-ID:Date:Subject:To:From:Reply-To:MIME-Version: Content-Type; bh=2K/zq4htArsh7jwG65SK4+lfqj442l2AUbvMswqYCUM=; b=tFwtLJtIt68NoCKbIF5gtODXBQaW6bZvo3KdnqAPpQJrUmQrCMYL7y3+81fRUl9EcfSMOCKdkQkr d+LNSwfuoWq1yQQDHGCFyBOlQNUMKZ3hJ7ICD7kRF9BYZWczyfsL6sp7vOSgB1oEULQt+u5ZHc/u iTKuRfDRt9Dtn7e3Xz0= Received: by mta8.cpro20.com id hq1j6e2kcoob for ; Thu, 28 May 2020 21:32:54 -0400 (envelope-from ) List-Unsubscribe: X-Campaign-Shard: 1 Bounces-To: bounce_qnattc_gmnhvtit_o@cpro20.com Message-ID: <1590715891795.43866735.123431474.29719122258@backend.cpro20.com> X-Campaign: 43866735/123431474/29719122258 Errors-To: bounce_qnattc_gmnhvtit_o@cpro20.com Date: Thu, 28 May 2020 21:32:54 -0400 Subject: House Passes Nonprofit PPP Flexibility Act - May 28, 2020 To: Nonprofit Execs & Board Members From: "Inside Charity" Reply-To: "Inside Charity" MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_480684602.1590715800542" X-Spam-Score: -1.7 (-) X-Spam_score: -1.7 X-Spam_score_int: -16 X-Spam_bar: - ------=_Part_480684602.1590715800542 Content-Type: text/plain;charset=UTF-8 Nonprofit Execs, Nonprofit PPP Flexibility Act Passes House – May 28, 2020 (Because of your important work with Charitable Organizations) Dear Nonprofit Execs & Colleagues In Service, Nonprofit PPP Flexibility Act explains the U.S. House of Representatives bipartisan legislation passed today to give nonprofits more flexibility with the loans they received to keep their charities afloat. The Paycheck Protection Program (PPP) Flexibility Act of 2020 passed with a 417-1 vote and now heads to the Senate (WHERE IT IS EXPECTED TO PASS!) "Millions of nonprofit organizations in this country are one step closer to meaningful relief," Rep. Dean Phillips, D-Minn., and Chip Roy, R-Texas tweeted after the near-unanimous vote. "This is what's possible when leaders listen, act and collaborate." During the pandemic, Congress allocated $659 billion to small businesses in PPP loans that could be converted to grants if they met certain requirements. The new legislation loosens some of the restrictions on the loans that charities' found too burdensome given that many are still closed or operating at reduced capacity due to prolonged stay-home orders. The legislation extends the time to use the loan from eight weeks to 24 weeks and gives businesses more time to pay back loans beyond the initial two-year term. The bill eliminates the cumbersome 75/25 restrictions that said nonprofits must spend 75 percent of their loans on payroll and only 25 percent on other operating expenses like rent and utilities. The formula changes to 60/40 percent. Inside Charity is pleased to report that over 1,100 comments and questions have been recorded at Inside Charity by nonprofit executives, staff, board members, ministry leaders and volunteers over the past ten days. We grateful to everyone who has participated and want to encourage as many as people as possible to continue to share their experiences. Your written comments and contributions have helped your colleagues navigate this process. We are all in the throes of the global pandemic. Charities everywhere are feeling the effects of isolation measures, business shutdowns, travel bans, and markets crashing. InsideCharity is here to make sure receive the information you require to navigate these unprecedented times. We're in direct contact with the financial experts at the SBA to provide you real-time updates you need to navigate CARE Act funding. We look forward to hearing from you. Simply reply to this email or subscribe above to ensure you receive CARES Act Updates every time the Federal Government makes them available. Warmly, James P. LaRose, CNE, CDE, CNC Senior Editor You are subscribed to this email as lojban@lojban.org. Click here to modify your preferences http://trk.cpro20.com/form?21hkc2--11cug-dnhzxhu6&sl=y&t=1&ac=g62g or unsubscribe http://trk.cpro20.com/form?21hkc2--11cug-dnhzxhu6&sl=y&t=5&ac=g62g. ------=_Part_480684602.1590715800542 Content-Type: text/html;charset=UTF-8
(Because of your important work with Charitable Organizations)                                                 

Nonprofit Execs, Nonprofit PPP Flexibility Act Passes House – May 28, 2020
(Because of your important work with Charitable Organizations)

(Press Picture Below For Complete Article)

Nonprofit PPP Flexibility Act EMAIL HEADER.jpg

Dear Nonprofit Execs & Colleagues In Service,

The U.S. House of Representatives passed bipartisan legislation today giving nonprofits more flexibility with the loans they received to keep their charities afloat. The Paycheck Protection Program (PPP) Flexibility Act of 2020 passed with a 417-1 vote and now heads to the Senate (WHERE IT IS EXPECTED TO PASS!)

"Millions of nonprofit organizations in this country are one step closer to meaningful relief,"  Rep. Dean Phillips, D-Minn., and Chip Roy, R-Texas tweeted after the near-unanimous vote. "This is what's possible when leaders listen, act and collaborate."

During the pandemic, Congress allocated $659 billion to small businesses in PPP loans that could be converted to grants if they met certain requirements. The new legislation loosens some of the restrictions on the loans that charities' found too burdensome given that many are still closed or operating at reduced capacity due to prolonged stay-home orders.

The legislation extends the time to use the loan from eight weeks to 24 weeks and gives businesses more time to pay back loans beyond the initial two-year term. The bill eliminates the cumbersome 75/25 restrictions that said nonprofits must spend 75 percent of their loans on payroll and only 25 percent on other operating expenses like rent and utilities. The formula changes to 60/40 percent.

The changes also allow charities to receive payroll tax deferments...VISIT HERE TO READ ENTIRE ARTICLE


Inside Charity is pleased to report that over 1,100 comments and questions have been recorded at Inside Charity by nonprofit executives, staff, board members, ministry leaders and volunteers over the past ten days. We grateful to everyone who has participated and want to encourage as many as people as possible to continue to share their experiences. Your written comments and contributions have helped your colleagues navigate this process.

We are all in the throes of the global pandemic. Charities everywhere are feeling the effects of isolation measures, business shutdowns, travel bans, and markets crashing. InsideCharity is here to make sure receive the information you require to navigate these unprecedented times. We're in direct contact with the financial experts at the SBA to provide you real-time updates you need to navigate CARE Act funding.

VISIT HERE TO SUBSCRIBE

We look forward to hearing from you. Simply reply to this email or subscribe above to ensure you receive CARES Act Updates every time the Federal Government makes them available.

Warmly,

James P. LaRose, CNE, CDE, CNC

Senior Editor


You are subscribed to this email as lojban@lojban.org.
Click here to modify your preferences or unsubscribe.
------=_Part_480684602.1590715800542--